News and Information from Bond Buyer

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Inflation remains under market scrutiny, with Monday’s data suggesting consumers expect price pressures to cool later this year.

Fitch affirmed its BB-minus rating of the Del Mar Race Track Authority. The rating dropped below investment grade after the March 2020 stay-at-home orders.

Their filings in court follow similar arguments they made against teachers' associations last week.

Despite competitive and demographic headwinds, Villanova's strong academic reputation as a selective private university will support student demand, Moody’s said.

Texas Sen. John Cornyn urged counties to continue to lobby for a bill that would allow ARPA funds to be used for transportation infrastructure and disaster relief.

Four Texas defaults reflect a sector that accounts for half of this year's municipal bond defaults, according to Municipal Market Analytics.

Municipal yields rose up to 10 basis points on the short end, playing catch up to the volatility of Treasuries' moves on Thursday. Rising UST rates will inevitably be more significant for munis until they settle into more stable levels.

The SEC terminated its latest proceedings against the city after an independent consultant found the city was in "substantial compliance" with a 2014 judgment.

House fails to approve budget amendment allowing payment to bondholders.

The diverse structure of New York’s debt poses a significant danger to the state economy’s financial wellbeing: the risk the government and its public authorities might lose access to credit in a fiscal or market crisis.

The Volcker Alliance looks at the state’s outstanding municipal bonds and $83 billion in other obligations and suggests improved transparency and oversight.

Between unspent money from last year and excess revenues, Oregon lawmakers have nearly $1 billion of extra money to spend.

Refinitiv Lipper reported the first inflows into municipal bond mutual funds at $216 million after three weeks of large outflows while high-yield saw small outflows. Exchange-traded funds reported $755 million of inflows.

The board said a stay would inflict serious harm on Puerto Rico by plunging it into “financial chaos,” send the bankruptcy process “back to square one,” and would “needlessly delay the commonwealth’s economic recovery.”

Michigan Gov. Gretchen Whitmer's proposed budget provides mostly one-time spending hikes, makes a modest deposit into the rainy day fund, and offers targeted tax relief.

The feds said they expect states to partner with private entities to develop and operate the electric vehicle charging networks.

An unfortunate custom in municipal finance is to discount every cash flow with the same rate, namely by the yield of the refunding issue. This underestimates the worth of nearby savings, and overestimates that of savings in the distant future.

The previously unrated Santa Cruz Metropolitan Transit District will be the first transit agency to price debt to cover pension liabilities when it hits the market Wednesday.

Markets were somewhat comforted by Federal Reserve Bank of Atlanta President Raphael Bostic’s comments suggesting the Fed will not be as aggressive as the markets suspect.